The following balances were extracted from the books of M/s Panchsheel Garments on December 31,2005. Account Title Amount
Prepare the trading and profit and loss account for the year ended December, 31 and a balance sheet as on that date.
(a) Unexpired insurance Rs. 500.
(b) Salary due but not paid Rs. 900.
(c) Wages outstanding Rs. 100.
(d) Interest on capital 5%.
(e) Scooter is depreciated @ 5%.
(f) Furniture is depreciated Rs. @ 10%.
(g) Closing stock Rs. 7,500.
